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US SEC charges SharesPost, Felix over Facebook offerings
March 14, 2012 / 7:38 PM / 6 years ago

US SEC charges SharesPost, Felix over Facebook offerings

WASHINGTON, March 14 (Reuters) - U.S. securities regulators charged the online trading platform, SharesPost, with failing to register as a broker-dealer on Wednesday, a move that stemmed from a long-running probe into the trading of private shares on hot technology companies such as Facebook.

As part of that probe, the Securities and Exchange Commission also announced charges against two private funds and their managers for allegedly misleading investors about hidden fees in Facebook stock offerings.

The SEC alleges that Frank Mazzola and his firms, Felix Investments and Facie Libre Management Associates, engaged in improper self-dealing and earned secret commissions.

Another manager, Laurence Albukerk, and his firm EB Financial Group, will settle similar allegations by the SEC and pay a $100,000 penalty.

Sharespost and its CEO Greg Brogger also agreed to settle the SEC charges and pay $100,000 collectively. (Reporting By Sarah N. Lynch and Aruna Viswanatha; editing by Andre Grenon)

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